How to Sell Life Insurance to Millennials

The millennial generation (in general, those born between 1980 and and 1995) faces a unique set of financial challenges. 

The average college student who graduated in 2016 carries more than $37,000 in student loan debt. 

They also came of age under the shadow of America’s greatest financial crisis since the Great Depression, which leads many of them to be apprehensive to invest in the stock market. 

And many millennials are small business owners—about two times more than the previous generation.

These dynamics create a unique demographic of people who may have a steady income they don’t yet know how to utilize.

This makes a wonderful opportunity for both clients and agents to provide them with life insurance services.

First, it’s good to understand the millennial mindset.

Different priorities

For some previous generations, starting life meant starting a career at the bottom of a ladder and working there until retirement, finding a spouse early, and having kids in their early 20s.

In general, millennials aren’t following this life formula.

In 2015, the median age for first time marriage in America was 27 for women and 29 for men, compared to about 20 for women and 23 for men in 1970. 

Image courtesy of United States Census Bureau

The mean age for first children for women in 2014 was 26.3. 

And they're buying homes later and less often. 

Of course the housing market is out of millennials' control, but when and if they start a family is largely a choice they are making.

Because they don’t have dependents or a mortgage, and they do have a mountain of debt, they may not see the need for life insurance.

The first step is to let them know that life insurance is not nearly as expensive as they may assume.

They may not see the value in getting coverage to support a spouse and children they do not yet have.

Three ways to help ease this opposition:

1. Instill the importance of starting early
2. Emphasize the relative affordability of life insurance
3. Contradict misinformation about life insurance

Starting early

Let hesitant millennials know that life insurance doesn’t just cover funeral expenses, but it can help cover so much more, such as lost income, debt, and an inheritance.

And remind them that their rates are lowest if they start their policy young.

For example, a 20-year term policy for $500,000 could be less than $30 a month. Even in the starkest of times, $25-$30 a month can often be put aside.

Personalized policies

Inform potential millennial clients that life insurance policies are very unique to each policy holder. If, for example, they're thinking they don’t have the same financial needs as their parents (and therefore don't need a policy) they can absolutely get a different plan.

If they are one of many new millennial entrepreneurs, perhaps they could use a life insurance policy to protect their new company.

Digital services

Millennials expect and need online tools to help them find quotes for policies and an ability to enroll online.

By providing these tools and understanding millennials' viewpoints, you will be more able to provide a policy that fits their needs. 

For more information or to sign up for health and life insurance education, visit our website, LarsonEd.com, or give us a call at 239-344-7510. 

About Larson Educational Services:

Utilizing 40 years of real estate training and professional education experience, Florida real estate school Larson Educational Services is the premier provider of Florida real estate licensing, exam preparation, post-licensing, CAM licensing, mortgage loan originator licensing, and continuing education in Southwest Florida. Classes are available in Fort Myers, Naples, Sarasota, and online. We are an approved Florida Real Estate School (License #ZH1002299), Florida CAM School (License #PRE31), Florida Insurance School (License # 370501) and NMLS Approved Course Provider.

Larson Educational Services

1400 Colonial Blvd. #44,

Fort Myers, Florida

33907

239-344-7510

LarsonEd.com

How to Design the Best Life Insurance Products

Understanding the needs of your clients is the first step to better serving them.

The next step is understanding their fears.

Why did your client choose now to obtain life insurance?

What obstacles stand in the way of them making the decision to get coverage?

What are their desired outcomes from their plan?

The answers to these questions could put you on the road to providing the best service possible for your clients.

Income Replacement

In general, when a client is obtaining a new life insurance policy or trying to change their current coverage, you'll use their current income as the starting point to decide the right amount of coverage for them.

However, there is often a serious disconnect between reality and perception when it comes to client benefits.

For example, according to LIMRA’s 2016 Insurance Barometer Study about 60 percent of life insurance clients see their policy as a potential replacement for lost income when they pass away (see page 20 of the study).

These consumers are often under the impression that their benefits will be paid out in a lump sum upon death.

Thus, they may see a lump sum payment as a deterrent, especially if they have a family that will need payments in regular intervals.

Let these consumers know that most policies can be arranged to pay out at regular intervals, thus quelling your clients' fears about lost income.

Given the prevalence of the assumption that policies only pay in lump sums, you can attract and keep more clients if you offer options that pay at regular intervals after they’ve passed.

Flexibility Over Time

Another deterrent for consumers acquiring a policy is the fear that they will be locked in to the same policy for years, even if their needs change.

Flexibility will win.

A younger family getting coverage might be better served by being over-covered rather than being under-covered, given the possibility that their net worth and income might increase before they reach retirement age. (Plus, they might prefer this option as opposed to coming into your office every 5 years to change their coverage.)

Over-coverage is not a problem as long as you are flexible with your clients and communicate openly.

According to that same LIMRA study, about 30 percent of consumers are interested in changing their policies over time.

By being open about your flexibility, and by offering products that have many possibilities, you are more likely to retain clients.

Remember: you're trying to provide for these people for the long term—you want clients for life. The more willing you are to meet them in the middle and be open and honest with them, the better served they will be and the more business you’ll attract.

To sign up for LarsonEd insurance courses, visit our website, LarsonEd.com, or give us a call at 239-344-7510. 

About Larson Educational Services:

Utilizing 40 years of real estate training and professional education experience, Florida real estate school Larson Educational Services is the premier provider of Florida real estate licensing, exam preparation, post-licensing, CAM licensing, mortgage loan originator licensing, and continuing education in Southwest Florida. Classes are available in Fort Myers, Naples, Sarasota, and online. We are an approved Florida Real Estate School (License #ZH1002299), Florida CAM School (License #PRE31), Florida Insurance School (License # 370501) and NMLS Approved Course Provider.

Brad Larson

Larson Educational Services

1400 Colonial Blvd. #44,

Fort Myers, Florida

33907

info@LarsonEd.com

239-344-7510

LarsonEd.com

Did you catch Larsons Night?

I'm still glowing after my Larsons Night win!

About Larson Educational Services:

Utilizing 30 years of real estate training and professional education experience, Florida real estate school Larson Educational Services is the premier provider of Florida real estate licensing, exam preparation, post-licensing, CAM licensing, mortgage loan originator licensing, and continuing education in Southwest Florida. Classes are available in Fort Myers, Naples, Sarasota, and online.

Brad Larson

Larson Educational Services

1400 Colonial Blvd. #44

Fort Myers, Florida

33907

info@LarsonEd.com

239-344-7510

www.LarsonEd.com

7 Traits of Successful Insurance Agents--LarsonEd

1. A Client-First Mentality

Having a commission-only mindset won't serve you well in the insurance industry. Focusing on making the sale without first considering the needs of the client may work in the short term, sure, but over the years this mentality will cripple your sales.

Listen to what your clients and prospects needs are in order to earn their trust, which can be one of the most difficult parts of sales.

2. Accessibility

Make yourself available to your clients--this helps them rest assured that they're well taken cared of. And respond to phone calls and emails in a timely manner. A major complaint of those who buy life insurance policies is that there is nobody to answer their questions after they've made the purchase. 

3. A High EQ

Your emotional intelligence will serve you well in this industry. Your ability to listen and practice empathy with your clients will help you connect with them on a deeper level. A good life insurance agent can their help their client see their financial situation with clarity and tact.

4. High Energy

To their clients and business connections, a good insurance agent will appear happy and excited to work. A negative personality trait doesn’t sell well. Even if you're not the most excited at any given moment, remember the key word: appears. Sometimes you have to fake it 'til you make it.

5. Perseverance

If you want to be successful in the insurance field you’ll have to be prepared to handle rejection on a daily basis for years. Remember: without taking risks, you have no chance of succeeding in this industry.

6. Forthrightness

Using deception or your client's fear (whether it is their fear for their own future or their financial situation) may work in the short term, but over time you could end up making a bad name for yourself. Your success will come from repeat business. The only way to get word of mouth and repeat business is to gain your clients’ trust.

7. Wide Array of Products and Knowledge

A successful insurance agent will have many products to offer their clients, and they know which of their products will be best for them as well. You also need to understand the legal components of your products in order to convey that information to the client.

If you’re already a LarsonEd student who has taken our real estate licensing courses, you’ll notice something interesting about this list:

These traits of successful insurance agents are the same traits that make a successful real estate agent.

The transition from real estate to insurance may seem arbitrary, but consider this: by offering your current real estate clients an even wider array of products, including health and life, you may be able to better serve their needs and help your business boom.

For more information about our brand new insurance licensing courses, check out our website: https://www.larsoned.com/insurance/

About Larson Educational Services:

Utilizing 30 years of real estate training and professional education experience, Florida real estate school Larson Educational Services is the premier provider of Florida real estate licensing, exam preparation, post-licensing, CAM licensing, mortgage loan originator licensing, and continuing education in Southwest Florida. Classes are available in Fort Myers, Naples, Sarasota, and online.

Brad Larson

Larson Educational Services

13040 Livingston Road #12

Naples, Florida 34105

info@LarsonEd.com

239-344-7510

www.LarsonEd.com

An Old Photo from the Archives--LarsonEd

I found an old photo in the archives of the three LarsonEd founders. Why do we all look so dang serious?? I figured we should change industries if we wanted to act so grim. What do you think?

About Larson Educational Services:

No, we are not a law firm. Utilizing 30 years of real estate training and professional education experience, Florida real estate school Larson Educational Services is the premier provider of Florida real estate licensing, exam preparation, post-licensing, CAM licensing, mortgage loan originator licensing, and continuing education in Southwest Florida. Classes are available in Fort Myers, Naples, Sarasota, and online.

Larson Educational Services

1400 Colonial Blvd. #44
Fort Myers,
Florida
33907

(239) 344-7510

LarsonEd.com

How to Get Florida Health and Life Insurance Licenses

To sell annuity contracts, variable contracts, health insurance or life insurance in Florida, a person must have a license from the Florida Department of Financial Services (DFS). 

Before obtaining a license, a person is required to attend a pre-licensing course, pass the state exam and submit an application. 

The 3 types of Florida Life and Health Insurance licenses

1. 2-15 Florida Health & Life (Including Annuities & Variable Contracts) Agent License
2. 2-14 Florida Life (Including Annuities & Variable Contracts) Agent License
3. 2-40 Florida Health Agent License

Applicants for one of the above licenses must:

• be a resident of Florida
• be at least 18 years old
• have a Social Security Number

Note: if you do not have an SSN, go to the following page to view the IRS taxpayer identification information: http://www.irs.gov/Individuals/International-Taxpayers/Taxpayer-Identification-Numbers-TIN#

We've created an easy-to-follow 5-step guide to help  you navigate the Florida Life and Health Insurance licensing process. 

A Step-By-Step Guide

1. Attend class

60  Hour Health and Life (Including Annuities and Variable Contracts) Agent Pre-Licensing Course - $339 tuition includes a 1-year enrollment term in the classroom course.

Click below to view more information including our course dates and times:

Class Schedule

https://www.larsoned.com/insurance/licensing/pre-licensing-courses/60-hour-health-life-agent-pre-licensing-course/

Larson Educational Services is a Florida approved Insurance School (License #370501). All applicants must complete the required education and pass the end-of-course final exam with a score of 70% or better. Your Course Completion Certificate is valid for four (4) years from the date of issuance.

Currently, Larson Educational Services is approved to teach the following insurance course(s):

• 60 Hour Florida Health & Life (Including Annuities Variable Contracts) Agent License Course - Course ID #96045
• 40 Hour Florida Life (Including Annuities & Variable Contracts) Agent License Course - COMING SOON!
• 40 Hour Florida Agent License Course - COMING SOON!

Larson Educational Services is required to submit proof of your course completion to the Department of Financial Services Bureau of Licensing within 20 days of your course exam pass date. We guarantee we will do this in no more than 7 days.

Step 2. Pass the State License Exam - $42

You can schedule your Florida insurance exam at any time. Completion of the pre-licensing course is NOT required in order to schedule the test.

Our recommendation is to take the state exam 5-10 days AFTER you've completed your course. Scheduling can be completed by calling 1.888.274.2020 or visiting PearsonVUE.com. The state exam fee is $42 for each attempt.

State exam regulations:

• Regardless of which exam you take, a 70% score is required to pass.
• A passing score is valid for one (1) year from the passing date.
• You will be required to re-take the exam if you do not complete the licensing process within that time-frame.
• You are limited to five (5) examination attempts during a one (1) year period.

Each exam contains 15 "pretest" questions that do not affect your final score. "Pretest" questions are distributed throughout the exam randomly. Most likely these questions will look very different from the course materials and practice questions covered in our class because we have no knowledge of the content of these "pretest" questions.

Exam Type and Code Number of Questions Time Limit (use the code listed in the table below when scheduling by phone or online. View more detailed State Exam Information):

PearsonVUE Exam Registration

Step 3. Register for Electronic Fingerprinting - $48.55

Florida requires electronic fingerprints be taken in order to run a criminal background check. To make a reservation with MorphoTrust, click the link below or call 800.528.1358. Insurance license fingerprint records are good for 1 year.

Cost of fingerprinting is $48.55. The results of your criminal history check will be submitted electronically to the Florida Department of Financial Services.

If you are asked for the "ORI" number at any time during the fingerprint process, use "FL921060Z". This is how the fingerprinting company knows your fingerprints are for Florida Insurance Agent licensing.

Southwest Florida has two Insurance License fingerprinting locations:

Fort Myers: Fingerprint Services - 8192 College Pkwy, Suite A-27

Naples: Asares Advanced Fingerprint Solutions - 11725 Collier Blvd, Suite E-2

Online Fingerprint Reservation

Step 4: State Application - $55

*The application can not be submitted until the pre-licensing education has been completed from Step 1.*

Submit a license application to the Florida Department of Financial Services (DFS). On the application you will share information about yourself and include a fee of $55 payable to the DFS.

Click the icon below to access the MyProfile page managed by the DFS Bureau of Licensing. Either login to an existing account or click on "Create Account."

When creating an account for the first time, you will select "Individual" as your account type. The license type is one of the following:

• 2-15 Health & Life
• 2-14 Life
• 2-40 Health

Online Application

Step 5: Print your License

After all the steps above have been completed, the DFS Bureau of Licensing will send your license approval by email. You can print your license from your MyProfile page.

The total cost to obtain your Florida Insurance License:

• 2-15 Health & Life Insurance License is $145.55 plus course tuition
• 2-14 Life Only Insurance License is $145.55 plus course tuition
• 2-40 Health Only Insurance License is $145.55 plus course tuition

Print My License

Contact us today with any questions

Call (239) 344-7510 or submit an email for more information: https://www.larsoned.com/contact/

About Larson Educational Services:

Utilizing 30 years of real estate training and professional education experience, Florida real estate school Larson Educational Services is the premier provider of Florida real estate licensing, exam preparation, post-licensing, CAM licensing, mortgage loan originator licensing, and continuing education in Southwest Florida. Classes are available in Fort Myers, Naples, Sarasota, and online.

Larson Educational Services

1400 Colonial Blvd. #44,

Fort Myers, Florida

33907

239-344-7510

LarsonEd.com